Gold price today: Gold prices were seeing a rapid rise for a week consecutive weeks. However, the price of gold on the Multi Commodity Exchange (MCX) suddenly reduced by more than Rs 1400 on the Multi Commodity Exchange (MCX) with a mere announcement on US President Donald Trump’s Truth social media. Actually, Trump has announced to keep the gold away from the tariff.
What did Trump say?
Trump said on his Truth Social on Monday that he is giving the gold bar exempted from the tariff. A few days after the decision of the Department of Customs and Border Security, Trump announced this, stating that the Gold Bullion Recipe is under the tariff. As soon as Trump said on Monday that there would be no tariff on gold, there was a huge decline in the futures of gold.
Earlier, gold futures sent from Switzerland and other trading and refining hubs had accelerated as there was speculation that 1 kg and 100 ounces of gold rods would be brought under the custom code by the US Customs and Border Security Department. That is, they will be targeted.
At the same time, as soon as Trump said on his social media post on Monday, “Gold will not be tariff!” On the New York Mercantile Exchange, the August delivery gold futures fell by more than 2 percent.
The US has recently imposed 39 percent tariffs on goods imported from Switzerland. Now Switzerland has a large store of gold. Gold is exported to all countries from here. India also takes gold from here on a large scale. In such a situation, if the tariff is removed from the gold, then there will be a decline in the futures of gold in the international market. This will also reduce prices in India.
Trump’s decision reduced prices
Explain that the US Customs and Border Security Department (CBP) classified gold from Switzerland under a special custom code (HS code). Under this, 39 percent tariffs were to be applied on 1 kg and 100 ounce gold rods. Here, these gold rods are usually used for delivery in American futures markets. Due to this, gold futures were accelerated on Thursday and Friday, but now Trump’s new decision has reduced prices.
What is the price of gold on MCX?
With the new announcement of Trump, the MCX Gold Price fell by Rs 1409 or 1.38 percent on Monday. The price of gold of 999 purity had risen by Rs 1,01,199 on Monday. At the same time, with the low price on Monday, it was reduced to Rs 1,00,389 per 10 grams. Gold opened with a decline during futures trading on Tuesday. So far, the all -time high level of gold on MCX is Rs 1,02,250 per 10 grams. That is, gold has become cheaper by Rs 1861 than this.
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